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Limited by guarantee

A company by guarantee, or more formally known as a company limited by guarantee, is different from the more common ‘company limited by shares’.  With a ‘company limited by shares’, the company is formed based on the idea that its members will have a liability limited to the balance that remains unpaid on the shares that its members hold.  These members are then referred to as shareholders or simply as owners.

A company by guarantee operates under a different philosophy than this traditional set up.  With a company by guarantee, the liability of its members is limited to the amount of money each member decides to contribute to the company assets.  Many non-profit organizations choose to utilize the company by guarantee set up.  Some of the more common groups to utilize the company by guarantee formation include:

 

  • Clubs  
  • Management companies for flats where the tenants are its members  
  • Associations of traders for information exchange or trade protection 

Even if your organisation is not one of these common groups to use the company by guarantee formation, this still might be the best option for you.  If it is necessary for your group to become incorporated or if you simply wish to do so, the company by guarantee may be a viable option.  This is particularly true if you have no immediate need for capital in order to carry out your company objectives or if you wish to further limit the liability of your members.  

 

The company by guarantee formation also offers more flexibility to its members.  For example, a member is free to terminate or resign from the company if this option is included in the memorandum or articles established for the company.  Of course, the member will have to adhere to the conditions as established by these documents.

 

If you wish to establish a company by guarantee formation, Novik and Co. can work with you to create the necessary articles to complete the agreement.  We can also help to further explain this formation and can clarify any questions that you may have regarding your rights and responsibilities when becoming a member of a company by guarantee organisation.

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